Punjab National Bank reports ₹ 1,203.26 crore fraud by Sintex Industries Limited

Bank has already made provisions amounting to ₹ 215.21 crore

Punjab National Bank

Highlights :

Punjab National Bank reports ₹ 1,203.26 crore fraud by Sintex Industries Limited
The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office
Bank has already made provisions amounting to ₹ 215.21 crore

Public Sector Punjab National Bank (PNB) on Wednesday declared its ₹ 1,203.26 crore exposure to Sintex Industries Limited as fraud.

Pursuant to the applicable provisions of SEBI's Listing Obligations and Disclosure Requirements (LODR) and the bank policy, "we inform reporting of borrowal fraud of ₹1,203.26 crore in NPA Account of Sintex Industries Limited".

The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office.

Bank has already made provisions amounting to ₹ 215.21 crore.

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